Bitcoin has wiped out all its year-to-date gains of over 30%, just over a month after hitting an all-time high, as enthusiasm over the Trump administration's pro-crypto stance fades and the recent tech stock rally cools, dampening overall risk appetite.

In early Monday trading, the dominant cryptocurrency fell below $93,600, breaching its 2024 closing level of $93,714.04.

Ethereum dropped 3.37% to $3,073.19, Solana declined 3.36% to $136.09, Dogecoin slid 4.51%, and XRP lost 2.44%.

Matthew Hougan, Chief Investment Officer at Bitwise Asset Management in San Francisco, noted, "The market is broadly risk-off, and cryptocurrencies are like the canary in the coal mine—the first to signal trouble." Over the past month, major buyers—from ETF allocators to corporate treasuries—have quietly retreated, leaving the market without the liquidity that previously drove the token to new yearly highs.